INTUIT Bookkeeping Exam Questions and
Answers (2026) | Prep Questions | 100%
Correct Answers | A+
• What are the 4 Types of financial statements? -✓✓- The income
statement
- The balance sheet
- The statement of equity
- The statement of cash flow
• What are the 4 types of accounting adjustments? -✓✓- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
• What tasks would a bookkeeper do? -✓✓- Handle bank feeds and
reconciles bank accounts, managing accounts receivable/payable, and
record financial transactions
• Mary Smith is the owner and operator of Smith Construction. At the end of
the company's accounting period, December 31, 2020, Smith Construction
has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would
be as of December 31, 2020. -✓✓- $520,000
• Mike Anderson is the owner and operator of Anderson Consulting. At the
end of 2019, the company's assets totaled $500,000 and its liabilities
totaled $175,000. Assuming that over the 2020 fiscal year, assets
increased by $120,000 and liabilities increased by $72,000, use the
accounting equation to determine what Mike's Owner's equity will be as of
December 31, 2020? -✓✓- $373,000
• Maria Garcia owns a software consulting firm. At the beginning of 2019,
her firm had assets of $800,000 and liabilities of $185,000. Assuming that
assets decreased by $52,000 and liabilities increased by $24,000 during
, 2020, use the accounting equation to calculate equity at the end of 2020. -
✓✓- $539,000
• The accounting equation can be defined as: -✓✓- Assets = Liability +
Equity
• What the company owns or controls and expects to gain value from is
defined as: -✓✓- An Asset
• What the company owes to others is defined as: -✓✓- Liabilities
• The owner's stake in the company is defined as: -✓✓- Equity
• A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: -✓✓- Double-entry
Accounting
• Which of the following best defines a credit as it's used in double-entry
accounting? -✓✓- A decrease in assets/expenses and an increase in
liabilities/owner's equity and revenue.
• Which of the following best defines a debit as it's used in double-entry
accounting? -✓✓- An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
• You purchased inventory from your vendor and paid cash. The accounts
affected are the inventory account and the cash account. In your journal
entry, which account would you debit? -✓✓- Inventory account
• An owner invests $1000 in the company. This transaction impacted the
checking account and the owner's equity account. In your journal entry,
which account do you credit? -✓✓- Owner's equity account
• A sales manager purchases office supplies with the company credit card.
This transaction impacts the accounts payable and the office supplies
accounts. In your journal entry, which account do you credit? -✓✓-
Accounts payable
Answers (2026) | Prep Questions | 100%
Correct Answers | A+
• What are the 4 Types of financial statements? -✓✓- The income
statement
- The balance sheet
- The statement of equity
- The statement of cash flow
• What are the 4 types of accounting adjustments? -✓✓- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
• What tasks would a bookkeeper do? -✓✓- Handle bank feeds and
reconciles bank accounts, managing accounts receivable/payable, and
record financial transactions
• Mary Smith is the owner and operator of Smith Construction. At the end of
the company's accounting period, December 31, 2020, Smith Construction
has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would
be as of December 31, 2020. -✓✓- $520,000
• Mike Anderson is the owner and operator of Anderson Consulting. At the
end of 2019, the company's assets totaled $500,000 and its liabilities
totaled $175,000. Assuming that over the 2020 fiscal year, assets
increased by $120,000 and liabilities increased by $72,000, use the
accounting equation to determine what Mike's Owner's equity will be as of
December 31, 2020? -✓✓- $373,000
• Maria Garcia owns a software consulting firm. At the beginning of 2019,
her firm had assets of $800,000 and liabilities of $185,000. Assuming that
assets decreased by $52,000 and liabilities increased by $24,000 during
, 2020, use the accounting equation to calculate equity at the end of 2020. -
✓✓- $539,000
• The accounting equation can be defined as: -✓✓- Assets = Liability +
Equity
• What the company owns or controls and expects to gain value from is
defined as: -✓✓- An Asset
• What the company owes to others is defined as: -✓✓- Liabilities
• The owner's stake in the company is defined as: -✓✓- Equity
• A way of bookkeeping that tracks which accounts increase and which
decrease for a given transaction is known as: -✓✓- Double-entry
Accounting
• Which of the following best defines a credit as it's used in double-entry
accounting? -✓✓- A decrease in assets/expenses and an increase in
liabilities/owner's equity and revenue.
• Which of the following best defines a debit as it's used in double-entry
accounting? -✓✓- An increase in assets/expenses and a decrease in
liabilities/owner's equity and revenue.
• You purchased inventory from your vendor and paid cash. The accounts
affected are the inventory account and the cash account. In your journal
entry, which account would you debit? -✓✓- Inventory account
• An owner invests $1000 in the company. This transaction impacted the
checking account and the owner's equity account. In your journal entry,
which account do you credit? -✓✓- Owner's equity account
• A sales manager purchases office supplies with the company credit card.
This transaction impacts the accounts payable and the office supplies
accounts. In your journal entry, which account do you credit? -✓✓-
Accounts payable
